is it possible to apply for IPMAT exam twice in 2 years if being below 22 years? and can a student who fails to clear IPMAT try for CAT ?

Dear Ajay, you havent mentioned your Category. Nevetrhless, it is 20 years for General Category and OBC and 22 years for Candidates belonging to SC,ST Categories. As long as you fulfil this criteria and the Academic criteria, you can appear for IPMAT twice in a year. IPMAT is an entrance examination for admission to its undergraduate programmes more into 5 year Integrated programmes. And CAT is an entrance examination for admission to MBA based on Undergraduation qualification. So both courses are at different levels. You cannot be eligible for CAT based on your 10+2 qualification.